Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.
The stocks of gun makers are seeing prices tank after hours Tuesday as Smith & Wesson (NASDAQ: SWHC) reported inline earnings but gave guidance which was very concerning.
Smith & Wesson revenues registered $131.90 million in sales which missed estimates of $133.93M. Second quarter revenue dropped 18 percent YoY.
ENTER TO WIN $500 IN STOCK OR CRYPTO
Enter your email and you'll also get Benzinga's ultimate morning update AND a free $30 gift card and more!
Increasing inventories and declining sales led to the guidance cut and the firearm maker will need to make up a lot of ground in Q3 2014 to generate a revival of investor appeal. Apparently the company's FCPA violation wasn't enough to boost sales.
The company reported an EPS beat of $0.26 versus estimates of $0.25. Second quarter EPS dropped 35 percent YoY. Smith & Wesson also cut its guidance materially. Original FY2015 EPS range was $1.30 to $1.40 and today the company issued lower guidance of $0.89 to $0.94.
In Tuesday's release the company addressed a 22.9 percent drop in the second quarter net sales saying: "...lower demand follows the sudden, rapid surge in demand we experienced during the previous fiscal year as consumers purchased firearm products in anticipation of possible additional restrictive regulations". Smith & Wesson shares lost over 10 percent as of 5:30PM EDT while Sturm, Ruger & Co (NYSE: RGR) saw its shares fall roughly 5 percent. The lower demand impacted long guns the most (including modern sporting rifles) with a sales reduction of 67.2 percent compared with Q2 2013.
Smith & Wesson also cut its guidance materially. Original FY2015 EPS range was $1.30 to $1.40 and today the company issued lower guidance of $0.89 to $0.94.
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.